A long-term perspective of HECM endorsement volume
Our nation’s capital is often referred to as the swamp in part for its political factions, bureaucratic battles and interagency turf wars. Recently two U.S. senators recently vowed to block any nominees for several key vacancies at the Department of Housing and Urban Development. Senators Tammy Duckworth and Dick Durbin-both Democrats- vowed to put a hold on all HUD nominees, including the appointment of Brian Montgomery as Commissioner of the Federal Housing Administration. The Senators sent a letter to HUD earlier this month requesting a response no later than April 18th.
“As long as hundreds of Illinoisians’ lives are stuck in turmoil because of rash decisions that HUD fails to effectively or fully explain, I will object to every nominee Donald Trump sends our way,” said Senator Duckworth. Some of the agency’s current vacancies include the FHA commissioner, secretary of policy development and research, and the secretary for public and Indian housing.
At the root of the debate is HUD’s recent announcement to close two public housing developments in Thebes, Illinois. The agency said they do not have the funds to fix them. What most don’t know is that HUD does not directly manage public housing properties but rather relies on local housing authorities. Enter the Alexander County Housing Authority. In early 2016 allegations surfaced of…